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Author Topic: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁  (Read 348435 times)
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BombaUcigasa
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March 24, 2015, 06:05:22 PM
 #901

The problem with verification of any mining operation is that you need 2 things: the hashrate AND the number of sold shares. How are you going to check if they were true? I am telling you there is no way to positively verify this. You have to balance between reliability and protection of the sensitive data of the operation. So basically we care less of the first one. We will be considered by Puppet a ponzi forever and we have to live with it.
There is a simple method for this, employed by other operations and which I'm going to use. My hashrate is always verifiable through an internal proxy pool and on a public pool.

The hashrate is private now and verified by clients physically but for cloud mining you can do a single thing such as numbering the contracts. Clients can check that the total number is equal to the total hashrate and that their contract numbers never match between clients but can be publicly verified to be assigned to them.

Havelock for example enforces a total number of contracts and automatic share payments. Clients know that their contract is one of n and the block rewards for the total hashrate is distributed to them by 1/n.
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March 24, 2015, 09:41:44 PM
 #902

Bow wow wow... Wink
Eveyone who thinks I have no hashrate is an idiot. Running ponzi without the hashrate is impossible for such a long time because difficulty is not rising as it used to. Just do the maths.

Anyone who thinks you have hashrate without proof is an idiot.

"long time"? Your ponzi has run what, 7 months? ROFLMAO. You do not have a "long time". We have lots of ponzi's that have been running longer than that.

8 months to be exact. Those ponzis operated in different circumstances with diff going over the roof. Besides
as I have said, I do not care. And we will be here for long time Wink


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March 25, 2015, 03:51:17 AM
 #903

8 months to be exact. Those ponzis operated in different circumstances with diff going over the roof. Besides
as I have said, I do not care. And we will be here for long time Wink

Now where did I hear that before...

https://bitcointalk.org/index.php?topic=418183.msg5682450#msg5682450

Quote
PB Mining is here to stay.

The parallels are quite canny.

Buy & Hold
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March 25, 2015, 07:00:57 AM
 #904

pbmining was a ponzi from day 1 and lasted nearly a year. Krypto-illogica used to own hashrate, probably even enough to cover their minuscule sales; its only been a few weeks since one should assume their AM1 shares to be gone, and with no other evidence, assume Krypto-illogica therefore turned ponzi.
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March 26, 2015, 06:48:30 AM
 #905

https://zeushash.com seems to be down. Do we know anything about this?
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March 26, 2015, 08:26:31 PM
 #906

You people play with fire here. I know you have the best intention here but trying to figure out what s ponzi in BTC economy s a really hard thing to do. I just hope people do their own due diligence before investing.

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March 27, 2015, 04:36:39 PM
 #907

is this company reliable ?

https://www.genesis-mining.com

" I tie a rope around my penis and jump from a tree "
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March 27, 2015, 06:58:06 PM
 #908

is this company reliable ?

https://www.genesis-mining.com

IMHO, yes. But u ll never reach ROI with them. They are among the most expensive cloud hash providers in the market.

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March 30, 2015, 02:19:32 PM
 #909

is this company reliable ?

https://www.genesis-mining.com

i was thinking about buying some contracts here, but everybody now talks more about getting out and not about investing somewhere Grin maybe i'll wait for better days, unless something changes.
why risk if you are even lucky to get your money back, not even talking about profit

Minerjoe
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March 30, 2015, 08:23:00 PM
 #910

is this company reliable ?

https://www.genesis-mining.com

i was thinking about buying some contracts here, but everybody now talks more about getting out and not about investing somewhere Grin maybe i'll wait for better days, unless something changes.
why risk if you are even lucky to get your money back, not even talking about profit

I think that s a smart decision. Genesis Mining s expensive and their biggest issue s no exit option. You cant sell your hash and get out.

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April 03, 2015, 06:55:48 AM
 #911

Besides Bit X and Hashnest, I would not even consider touching any other cloud mining services. The key s who produces the miners, if there s no link with the manufacturer, I would pass on it.

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April 03, 2015, 08:50:36 AM
 #912

I had a second thought and I would agree, I'm gonna invest in hashnest, cause genesis-mining does not have manufacturing business to lose if they close cloudmining and flee. What about this bit-x? They also produce miners? No miners on their page, they are separate company?

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April 03, 2015, 08:52:21 AM
 #913

I had a second thought and I would agree, I'm gonna invest in hashnest, cause genesis-mining does not have manufacturing business to lose if they close cloudmining and flee. What about this bit-x? They also produce miners? No miners on their page, they are separate company?

They have a deal with Bitfury and they use their infrastructure. If you do decide to invest in Hashnest, let me know what you need, I have some cloud miners to sell, via their exchange.

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April 03, 2015, 08:55:24 AM
 #914

I've read that they are backed by bitfury, but just wanted to confirm that. So then they are a separate company that could close the mining on various reasons and bitfury would not be responsible looks like.

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April 03, 2015, 09:32:50 AM
 #915

I've read that they are backed by bitfury, but just wanted to confirm that. So then they are a separate company that could close the mining on various reasons and bitfury would not be responsible looks like.

Well, in theory, yes. But they do seem to be very professional. The website s great, they have invested a lot into marketing as well and I think they re here to stay.

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April 03, 2015, 04:12:05 PM
 #916

Bit-x, Hashnest and Genesis Mining all have backing from manufacturers.

Bit-x = BitFury
Hashnest = Bitmain
Genesis Mining = Spondoolies
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April 07, 2015, 08:21:06 AM
 #917

backing from manufacturers sounds different than manufacturers themselves doesn't it? the only one left looks like Bitmain and their hashnest. too bad...

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April 07, 2015, 02:43:47 PM
 #918

is there a reliable cloud mining service mining altcoins and instantly converting them to btc?
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April 07, 2015, 04:50:01 PM
 #919

is there a reliable cloud mining service mining altcoins and instantly converting them to btc?

No man, nothing out there is reliable.
And especially not at these cryptocurrency prices at the moment.


You only live once, but if you do it right, once is enough
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April 07, 2015, 05:08:22 PM
 #920

is there a reliable cloud mining service mining altcoins and instantly converting them to btc?

No man, nothing out there is reliable.
And especially not at these cryptocurrency prices at the moment.



I do not think there is a single one operational. Does Zeus still offer their overpriced service? Genesis Mining has shut down their scrypt operation.

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